'Mind the guidance gap' warning to DIY investors


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‘Mind the guidance gap’ warning to DIY investors

News Briefing | Finance

22 December 2013


‘Mind the guidance gap’ warning for the growing army of DIY investors
Twelve months on from what was the biggest shake up of the financial advice market in years, some claim it is penalising the very people it was designed to protect. The changes, under the unsnappily titled retail distribution review (RDR) – set to celebrate its first anniversary on 31 December – were designed to clarify the cost of financial advice and help give consumers a better understanding of the type of service they are being offered.
The Observer, p. 43

Pensions & Life Assurance

£10,000 gain from delaying annuity
Calculations by The Sunday Telegraph indicate that savers who made the tactical decision to delay taking their pensions this year will be rewarded with an extra £136m in old age.
The Sunday Telegraph Business, p. 10

Mortgages & Residential Property

Help to Buy faces cap at £300,000
The maximum amount that can be borrowed under the Coalition’s controversial Help to Buy scheme could be halved, Whitehall officials have warned.
The Sunday Telegraph, p. 4

Bank of England warning on housing bubble as prices rise
Andrew Bailey, deputy governor of the Bank of England, has warned homebuyers that there will be a clampdown on house purchases if there is any evidence that increasing prices are spiralling out of control.
The Sunday Telegraph Business, p. 1

Retail Banking

RBS plans salary boost to dodge bonus cap
A handful of executives at the Royal Bank of Scotland could see their monthly wage almost double to compensate for the new EU rules on bonuses.
The Sunday Times Business, p. 1

Council had ‘moralduty’to reveal truth on Paul Flowers
The deputy governor of the Bank of England, Andrew Bailey, has said that Bradford Council failed to warn the Bank about the behaviour of The Reverend Paul Flowers when he was a councillor, despite having a “moral duty” to do so. Mr Bailey, the chief executive of the Prudential Regulation Authority, said that any organisations that knew about potential problems should inform the Bank, which agrees appointments to bank boards.
The Sunday Telegraph Business, p. 1
Also appeared in : The Sunday Times Business, p.3

BCCI victims pursue extra £200m payout
Creditors of the Bank of Credit and Commerce International, the troubled lender that collapsed in 1991, could be in line for an extra $326m (£200m) payout. A group representing the bank’s 250,000 victims, led by Florida-based Adil Elias, is awaiting an imminent ruling from a Luxembourg court that could reopen the liquidation procedure and allow lawyers access to part of the fortune of the late Saudi Arabian businessman Abdul Raouf Hassan Khalil.
The Sunday Telegraph Business, p. 2

Round Up

Bank levy is unfair, warns Standard boss
The government’s bank levy is “clearly disproportionate” and “challenging” for some of Britain’s largest banks which have substantial businesses overseas, the group finance director of Standard Chartered has said.
The Sunday Telegraph Business, p. 2

Diamond finds Africa gem
The former head of Barclays, Bob Diamond, is considering a bid for a listed African financial services company part-owned by Trafigura, the controversial oil trader. It is understood that African Development Corporation (ADC), an €80m (£67m) company listed in Frankfurt, could be his first target.
The Sunday Times Business, p. 1

China hands banks £30bn
Concerns of a bank crisis in China are growing after the authorities were forced to pump billions into the financial system last week.
The Sunday Times Business, p. 2

Carney’s early test on low rates pledge
Report on how the Bank of England could face pressure to change its forward guidance policy as early as March due to a faster than expected fall in unemployment. In August, when the Bank launched the guidance, it expected the threshold to be hit in mid-2016; now economists think it could happen in the first quarter of 2014. This would put the governor under pressure to change the guidance and give markets more clarity on what would trigger a rate rise.
The Sunday Times Business, p. 2
Also appeared in : The Sunday Times Business, p.4

Payday lender squeezed as crackdown nears
Profits at the Money Shop, the UK’s largest high street payday lender, have slumped as the industry braces for a possible crackdown.
The Sunday Times Business, p. 2

The above articles appeared on 22.12.13. Reproduced with the kind permission of Kantar Media UK. All rights reserved.
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